Seal Capital: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Seal Capital
Largest movements
- Cash +€150,280
up €150,280 (+131%), from €114,658 to €264,938
mainly Net result for the year (+€265,714) and Other debts (+€123,556)
- Receivables within one year -€22,139
down €22,139 (-45.0%), from €49,224 to €27,086
of which Trade receivables: -€19,744
- Other debts +€123,556
up €123,556 (+290%), from €42,668 to €166,224
- Debts after one year -€18,422
down €18,422 (-8.2%), from €225,750 to €207,328
- Profit (loss) carried forward +€15,714
up €15,714 (+4.0%), from €395,125 to €410,839
- Gross operating margin +€178,738
up €178,738 (+89.9%), from €198,896 to €377,634
- Taxes +€45,658
up €45,658 (+111%), from €41,094 to €86,752
- Financial charges +€4,176
up €4,176 (+104%), from €4,013 to €8,189
of which Non-recurring financial charges: +€4,404
- Other operating charges -€3,949
down €3,949 (-55.2%), from €7,159 to €3,210
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €712,560 | €833,628 | +€121,068 | +17.0% |
| Fixed assets | 21/28 | €456,047 | €449,183 | -€6,864 | -1.5% |
| Tangible fixed assets | 22/27 | €312,344 | €304,409 | -€7,935 | -2.5% |
| Land and buildings | 22 | €295,612 | €287,932 | -€7,680 | -2.6% |
| Plant, machinery and equipment | 23 | €3,302 | €2,571 | -€731 | -22.1% |
| Furniture and vehicles | 24 | €13,431 | €13,906 | +€475 | +3.5% |
| Financial fixed assets | 28 | €143,703 | €144,774 | +€1,071 | +0.7% |
| Current assets | 29/58 | €256,513 | €384,445 | +€127,932 | +49.9% |
| Amounts receivable after more than one year | 29 | €88,990 | €88,990 | = | 0.0% |
| Other amounts receivable | 291 | €88,990 | €88,990 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €49,224 | €27,086 | -€22,139 | -45.0% |
| Trade receivables | 40 | €39,846 | €20,102 | -€19,744 | -49.6% |
| Other amounts receivable | 41 | €9,378 | €6,983 | -€2,395 | -25.5% |
| Cash at bank and in hand | 54/58 | €114,658 | €264,938 | +€150,280 | +131% |
| Deferred charges and accrued income | 490/1 | €3,641 | €3,432 | -€209 | -5.8% |
| Total equity and liabilities | 10/49 | €712,560 | €833,628 | +€121,068 | +17.0% |
| Equity | 10/15 | €418,338 | €434,053 | +€15,714 | +3.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €4,613 | €4,613 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,613 | €4,613 | = | 0.0% |
| Profit (loss) carried forward | 14 | €395,125 | €410,839 | +€15,714 | +4.0% |
| Amounts payable | 17/49 | €294,221 | €399,575 | +€105,354 | +35.8% |
| Amounts payable after more than one year | 17 | €225,750 | €207,328 | -€18,422 | -8.2% |
| Financial debts | 170/4 | €225,750 | €207,328 | -€18,422 | -8.2% |
| Amounts payable within one year | 42/48 | €68,471 | €192,247 | +€123,776 | +181% |
| Current portion of amounts payable after more than one year | 42 | €18,150 | €18,422 | +€272 | +1.5% |
| Trade debts | 44 | €1,453 | €3,401 | +€1,948 | +134% |
| Suppliers | 440/4 | €1,453 | €3,401 | +€1,948 | +134% |
| Taxes, remuneration and social security | 45 | €6,200 | €4,200 | -€1,999 | -32.3% |
| Taxes | 450/3 | €6,200 | €4,200 | -€1,999 | -32.3% |
| Other amounts payable | 47/48 | €42,668 | €166,224 | +€123,556 | +290% |
| Non-recurring operating income | 76A | €8,338 | €0 | -€8,338 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,970 | €12,695 | +€725 | +6.1% |
| Other operating charges | 640/8 | €7,159 | €3,210 | -€3,949 | -55.2% |
| Non-recurring operating charges | 66A | - | €1,305 | +€1,305 | |
| Gross operating margin | 9900 | €198,896 | €377,634 | +€178,738 | +89.9% |
| Operating profit (loss) | 9901 | €179,768 | €360,425 | +€180,657 | +100% |
| Financial income | 75/76B | €3,528 | €231 | -€3,297 | -93.5% |
| Recurring financial income | 75 | €3,528 | €231 | -€3,297 | -93.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €4,013 | €8,189 | +€4,176 | +104% |
| Recurring financial charges | 65 | €4,013 | €3,785 | -€228 | -5.7% |
| Non-recurring financial charges | 66B | - | €4,404 | +€4,404 | |
| Profit (loss) for the period before taxes | 9903 | €179,283 | €352,466 | +€173,184 | +96.6% |
| Income taxes | 67/77 | €41,094 | €86,752 | +€45,658 | +111% |
| Profit (loss) for the period | 9904 | €138,188 | €265,714 | +€127,526 | +92.3% |
| Profit (loss) for the period to be appropriated | 9905 | €138,188 | €265,714 | +€127,526 | +92.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.